FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Supporters Gather Ahead of Verdict in Jimmy Lai’s Landmark Hong Kong National Security Trial 
Brazil Arrests Former Peruvian Foreign Minister Augusto Blacker Miller in International Fraud Case 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Judge Orders Return of Seized Evidence in Comey-Related Case, DOJ May Seek New Warrant 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Italy Supreme Court Upholds Salvini Acquittal in Migrant Kidnapping Case 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
U.S. Homeland Security Ends TSA Union Contract, Prompting Legal Challenge 
Environmental Group Sues to Block Trump Image on U.S. National Park Passes 
Federal Judge Declines to Immediately Halt Trump’s $300 Million White House Ballroom Project 
Capital One has agreed to a $425 million settlement to resolve a nationwide class-action lawsuit alleging the bank misled customers about interest rates on its 360 Savings accounts. The settlement, filed in federal court in Alexandria, Virginia, still requires judicial approval.
The lawsuit claims Capital One offered new customers significantly higher interest rates through its 360 Performance Savings accounts while locking existing 360 Savings account holders into a much lower 0.3% rate. At one point, the Performance Savings accounts offered up to 4.35%, with current rates around 3.6%.
As part of the agreement, Capital One will pay $300 million to compensate customers for lost interest and an additional $125 million to those who still hold 360 Savings accounts. The settlement applies to anyone who held a 360 Savings account since September 18, 2019. Legal fees will be deducted from the total settlement amount.
Although Capital One did not admit wrongdoing, the case has drawn regulatory and legal scrutiny. New York Attorney General Letitia James filed a similar suit on behalf of state residents, which the bank has pledged to contest. Previously, the Consumer Financial Protection Bureau pursued similar claims but dropped them in early 2021 following changes in federal enforcement priorities.
This settlement comes as Capital One prepares to finalize its $35.3 billion acquisition of Discover Financial Services on May 18, signaling a pivotal moment for the McLean, Virginia-based bank.
The lawsuit is officially titled In re Capital One 360 Savings Account Interest Rate Litigation, Case No. 24-md-03111, in the U.S. District Court for the Eastern District of Virginia.
This case underscores the importance of transparency in banking and could lead to increased scrutiny over how financial institutions manage interest-bearing accounts.
